Ingevity (NYSE:NGVT) Sets New 1-Year High – Here’s Why

Shares of Ingevity Corporation (NYSE:NGVT) reached a new 52-week high on Thursday . The stock traded as high as $61.40 and last traded at $61.3220, with a volume of 99483 shares trading hands. The stock had previously closed at $58.83.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ingevity in a report on Wednesday, October 8th. Wall Street Zen downgraded shares of Ingevity from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 6th. BMO Capital Markets upped their target price on shares of Ingevity from $64.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Wells Fargo & Company increased their target price on shares of Ingevity from $52.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 12th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Ingevity currently has a consensus rating of “Hold” and a consensus target price of $62.50.

Ingevity Stock Performance

The stock’s 50-day moving average is $52.87 and its 200 day moving average is $50.56. The stock has a market cap of $2.17 billion, a price-to-earnings ratio of -33.20 and a beta of 1.40. The company has a debt-to-equity ratio of 8.39, a current ratio of 1.27 and a quick ratio of 0.80.

Ingevity (NYSE:NGVT) last released its earnings results on Friday, March 24th. The company reported $0.78 earnings per share (EPS) for the quarter. The company had revenue of $336.00 million for the quarter. Ingevity had a positive return on equity of 103.69% and a negative net margin of 5.14%. As a group, analysts predict that Ingevity Corporation will post 4.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Oakworth Capital Inc. purchased a new stake in shares of Ingevity during the 3rd quarter worth $28,000. Geneos Wealth Management Inc. lifted its stake in shares of Ingevity by 85.8% in the second quarter. Geneos Wealth Management Inc. now owns 838 shares of the company’s stock valued at $36,000 after purchasing an additional 387 shares during the period. Headlands Technologies LLC acquired a new stake in shares of Ingevity in the second quarter valued at about $46,000. CIBC Private Wealth Group LLC purchased a new stake in Ingevity during the third quarter worth about $62,000. Finally, Elevation Point Wealth Partners LLC acquired a new position in Ingevity during the second quarter worth about $60,000. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Ingevity Company Profile

Ingevity Corporation manufactures and sells activated carbon products, derivative specialty chemicals, and engineered polymers in North America, the Asia Pacific, Europe, the Middle East, Africa, and South America. It operates through three segments: Performance Materials, Performance Chemicals, and Advanced Polymer Technologies.